Real estate investing is a busy business that requires lots of time and the ability to multitask frequently. As a result, real estate investors tend to wear many hats, which can become overwhelming. For investors who are looking to save time, be more efficient, and streamline their business better, here are the 10 must-have members of any real estate investing team.
There is a very high likelihood that investors will need contractors to help complete the necessary repairs on a fix and flip. Finding a dependable contractor who has plenty of references, credentials, and experience can make all the difference.
Busy investors who are constantly working on multiple properties at once may not have enough time to dedicate to sourcing new potential investments. An acquisition manager will do the research by looking into details about the property so the investor can then make a decision on whether or not this investment is worth pursuing.
Real Estate Lawyer
There are a lot of documents and contracts involved with being an investor, and for many, these can be very confusing to understand without the proper real estate law experience. Having a real estate lawyer on retainer will help tremendously when trying to comprehend legal issues or closings and titles.
Many investors do not have 100% of the funds to personally finance their investments. Having a reliable lender can make all the difference when looking to close deals confidently and quickly. Investors can turn to either banks, hard money lenders, or private money lenders as sources of capital. Learn more about the differences between the three before deciding where to apply for a loan.
Real estate investing is all about the numbers. If an investor isn’t a mathematician and finds balancing books and crunching numbers a bit daunting, don’t feel bad. Hire a real estate accountant who will do the balancing and crunching instead, providing added confidence that all expenses are in check.
If an investor is conducting multiple renovations at once, it may become difficult to devote an equal amount of time and attention to all properties. As a result, mistakes can happen and issues may arise onsite that the investor won’t be there to catch. A project manager will be the eyes and ears on fix and flip projects, providing the investor with updates by monitoring the rehab when the investor can’t be there.
Real Estate Agent
When an investment property is either ready to rent or sell, a real estate agent will be a great asset on an investor’s team. Agents know the market in their areas well so they’ll be helpful with pricing, marketing the property, and conducting open houses or showings. Hiring a real estate agent to handle these tasks will leave investors more time to focus on other pressing issues in their business.
Anything that can help sell or rent a property faster should be considered. When it comes time to show the property, staging can really help give a home that welcoming feel. Investors can save themselves time and trips to the store by hiring a staging company to fill the rooms with furniture and decor, creating a more appealing look in the home for potential buyers or renters.
Rental Property Management Company
Investors who own multiple rental properties may find it helpful having a property management company take over the landlord responsibilities. They’ll handle filling vacancies, interviewing tenants, maintenance issues, and collecting rent.
For investors who choose to manage their own rental properties, it will be a great time-saver having a list of designated handymen and repairmen to handle specific repairs such as plumbing, air conditioning, and electrical.
LendingOne is the money lender you can count on as a member of your real estate investment team. Apply for a fix-n-flip or rental loan with LendingOne. Get started today and receive your free instant rate quote.